This is the list of countries with proven reachable oil reserves in billion barrels, and is a rough estimate based on ability to recover oil by current technological and economic means.
Saudi Arabia - 262
Saudi Arabia is the largest oil exporter in the world, and plays a leading role in OPEC, which stands for The Organization of Petroleum Exporting Countries, an international organization made up of eleven oil producing countries.
Canada - 180
Canada Athabasca Oil Sands Project is what puts Canada on the map in this list. The current techniques for surface mining and in situ methods to extract bitumen from oil sands make for a very positive future for the oil industry in Canada.
Iran - 126
Iran's economy depends heavily on oil export revenues, and with increasing oil prices, Iran's economy improves. Iran is in the process of diversifying by investing some of which are oil reserves in other areas, such as petrochemicals, and is in the process of creating more favorable climates for foreign investment.
Iraq - 115
According to oil industry experts, new explorations can raise concerns in Iraq up to 300 billion barrels. This has created global foreign interest to re-establish within the country. The United States, United Kingdom, France, China, Russia and Japan, all the way to the concessions of large complicated by unrest in the post-Saddam Hussein.
Kuwait - 102
Although the loss was estimated at 2% of total oil reserves, Kuwait has recovered fully the invasion of Iraq. The KPC, or Kuwait Petroleum Corporation, has grown to become one of the ten largest oil companies in the world.
United Arab Emirates - 98
Once an underdeveloped region, in 1985 the UAE had the highest income per capita in the world. The largest areas of petroleum production occur in two of the seven parties that make up the United Arab Emirates, these being Dubai and Abu Dhabi. Abu Dhabi qualifies as a state of oil in the same sense as Kuwait.
Venezuela - 77
Venezuela is the fifth largest oil exporter in the world, and a founding member of OPEC. Oil production has been hampered at times due to protests and controversies, but the country remains an active contribution to world oil supply.
Russia - 60
Russia's largest natural gas reserves of the world's second largest reserves of coal, and the eighth largest oil reserves. The country is the largest exporter of natural gas and the second largest oil exporter. Reorganization of the Russian energy sector has increased in the area in recent years.
Libya - 39
Although the sanctions against Libya had been removed from U.S. President Bush and also by the United Nations, some Libyan authorities cautiously optimistic about the prospects foreigners in a socialist economy led the country. However, removal of sanctions allows Libya to continue.
Nigeria - 35
Nigeria is the largest oil producer in Africa, and is a major oil supplier to both the U.S. and Western Europe. Proven oil reserves should be extended to 40 billion barrels by 2010.
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